Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Second-quarter earnings season continues with only a few negative surprises, so far. Domino’s Pizza, however, tanked on Thursday after one measure of restaurant sales came in lighter than expected. The CEO of the pizza chain said consumers are still struggling to cope with higher food costs.
Investors will next delve into American Express for clues on higher-income and corporate spending. Those numbers come out Friday.
Watch More Videos:
New dyslexia treatment aims to overcome biggest hurdle in cognitive healthcareHow this YouTuber built a huge audience by playing slotsYes, there are fewer chips in the bag: Shrinkflation, explained
Turning to other corporate headlines: The early read on Amazon Prime Day is rolling in and the numbers are impressive.
Online spending over the two-day sale-a-thon jumped 11 percent compared to last year, according to Adobe Analytics. In dollar terms, that works out to $14.2 billion in sales; which topped last year’s record and exceeded Amazon’s own forecasts. Amazon didn’t detail its exact contribution to the sales bump, but did characterize Prime Day as “record-breaking.”
Numerator, an online shopping tracking company, did provide some interesting color. Of the 35,000 households it tracks, average spending at Amazon was 7 percent higher this year – rising to just under $58 from around $54. But its data show there were fewer multiple visits per household and big-ticket items did not sell as well as in the past. It turns out the best sellers this year were everyday items like clothes and footwear, which suggests consumers are still spending carefully.
Amazon is expected to give more detail when quarterly results are released in early August.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I”m Conway Gittens with TheStreet
Related: Amazon’s Prime Day is ‘extremely unsafe’ for workers
